The NCUA missed the deadline once again for an annual report to Congress mandated by the Federal Credit Union Act.
"Not later than April 1 of each calendar year, and at such other times as the Congress shall determine, the board shall make a report to the president and to the Congress," the text of the law read. "Such a report shall summarize the operations of the administration and set forth such information as is necessary for the Congress to review the financial program approved by the board."
The NCUA filed the annual report to Congress late last year on May 12. In 2013, the report was released on May 14 and in 2012, it was published on July 3.
In an op-ed, Chip Filson, a co-founder of Callahan & Associates, wrote that the NCUA's failure to meet the deadline raises many questions.
"Now that the NCUA is fining credit unions that are late in filing quarterly reports, will the board fine itself for being late? And who will pay that fine?" he asked.
Filson recommended the NCUA outsource the preparation of the annual report to Jim Blaine, CEO of the $29 billion State Employees' Credit Union in Raleigh, N.C.
"Just as the agency has relied upon external experts for other critical responsibilities – for example, interpreting large credit union stress tests, modeling corporate legacy assets, developing consumer videos, and framing its risk-based capital proposal – outsourcing this difficult task is the tried-and-true solution," he wrote.
According to Filson, Blaine would produce a report worth reading by Congress, the president and the NCUA board.
NCUA Public Affairs Specialist John Fairbanks said the agency has to compile a variety of data, including year-end credit union statistics and the annual performance plan, before finalizing the full report.
"Staff works to prepare the report as quickly, accurately and completely as possible, and we expect the report to be submitted by May," he said. "The agency is working to shorten the timeframe necessary to prepare the report," he said.
In reaction to the missed deadline, NAFCU President/CEO Dan Berger said, "NAFCU believes the NCUA should meet their statutory deadlines, however, we do appreciate that their report contains robust information including the audit information of all the funds."
This report reviews the NCUA's performance each year and includes the audited financial statements for the agency's Central Liquidity Facility, Share Insurance Fund, Operating Fund and the Community Development Revolving Loan Fund.
CUNA did not respond to a request for comment.
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